Strategic Risk Advisory for BFSI & Corporates

Risk Intelligence.
Built by Practitioners.

We bring 70+ years of collective expertise from CROs, Risk Leaders, and Treasury Specialists who have personally built the systems they now advise on.

"Practitioners, Not Just Advisors — We have sat in your chair."

70+ Years Combined Experience
3 Ex-CRO & Risk Leaders
15+ Institutions Served
Schedule a Consultation Our Services
"Risk intelligence is not about avoiding risks, but about building the capability to navigate them with absolute clarity and precision."
— The RiskMantra Vision
Our Advantage

Why RiskMantra Advisors?

Big firms send juniors. We deliver senior expertise directly — no bureaucracy, no generic templates.

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Direct Founder Access

Every engagement is led by ex-CROs and Risk Leaders who have personally built these systems. No delegation to juniors.

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Agility & Responsiveness

No bureaucracy, no legacy conflicts, no resource bottlenecks. You get immediate attention and fast execution.

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Deep Specialization

We focus ONLY on risk. Unmatched depth across Market, Credit, Liquidity, Operational and Enterprise Risk.

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Diverse Institutional DNA

From SBI to UBS, Barclays to SFBs — we tailor advice to your institution's size, culture, and complexity.

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Techno-Functional Bridge

Deep expertise in Calypso, Murex, SAS, FM Converge. We speak both risk domain and technology fluently.

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Regulatory Readiness

Direct experience navigating RBI inspections and supervisory reviews. We prepare you, not just advise you.

Methodology

Four Strategic Pillars

Our foundational advisory methodology covering the full risk transformation journey.

01
TRANSFORM

Risk transformation journey including governance, policies, risk appetite, risk intelligence, committees, and risk culture.

02
BUILD

Risk frameworks, models, systems, analytics, automated reporting, dashboards, valuation engines, and assessment tools.

03
VALIDATE

Independent review, model validation, regulatory readiness, supervisory preparedness and compliance assurance.

04
EDUCATE

Board workshops, senior leadership trainings, risk capability development, and immersive practical case-led learning.

Leadership

Meet the Partners

Three seasoned practitioners covering the full Front-to-Back-to-Board spectrum of risk expertise.

Alok Gupta
The Strategist · CRO Lens
Alok Gupta
Former CRO, AU SFB & Equitas SFB · Former Head of Risk

25+ years building risk frameworks from scratch. Deep expertise in Board interactions, Enterprise Risk, Capital Planning and regulatory engagements.

Enterprise Risk CRO Advisory ICAAP Basel III ECL IndusInd · Kotak · ICICI
Arpit Sarawagi
The Specialist · Valuation Lens
Arpit Sarawagi
Former Head of Market Risk · 20+ Years

Deep expertise in risk policy setup, valuation mastery, derivatives structuring, regulatory audit and compliance. Systems: Calypso, Murex, SAS, FM Converge.

Market Risk Derivatives Valuation Calypso · Murex UBS · Barclays · DBS
Sushant Saurav
The Architect · Analytical Lens
Sushant Saurav
Former Head: Treasury Ops, Market Risk & Liquidity Risk · 25+ Years

Bridges policy and operational reality. Expert in ALM, IRRBB, LCR/NSFR, VaR/ES modelling. Regional Director PRMIA. Operational controls mastery.

ALM · IRRBB Liquidity Risk VaR / ES PRMIA Director SBI · IndusInd
Detailed Profiles

The People Behind RiskMantra

70+ years of combined expertise across India's most complex financial institutions — and the world's best global banks.

Alok Gupta
Alok Gupta
The Strategist · CRO Lens
🎓MBA – Finance
📜FRM (GARP)
⌛26+ Years Experience

Alok Gupta

Former CRO, AU SFB & Equitas SFB  |  Former Head Risk, IndusInd Bank

Seasoned risk management professional with extensive leadership experience in Indian banking. Strong expertise in governance frameworks, risk appetite definition, enterprise risk integration, and overall risk assurance. Led formulation and implementation of risk policies, new product approvals, process enhancements, and strengthening of internal controls.

Deep experience in ALM and Market Risk — balance sheet risk, investment & trading book, and hedging strategies
Balance sheet planning, capital planning, FTP, portfolio risk, and risk-adjusted profitability
Extensive credit risk experience: Corporate Lending, Real Estate, Project Finance, BFSI; credit monitoring & EWS implementation
Career Journey
2021–2025
Head – Risk Management
IndusInd Bank
2018–2021
Chief Risk Officer
AU SFB & Equitas SFB
2011–2017
Enterprise Risk
Kotak Bank & Group
2007–2010
Consulting & Technology
Oracle & SunGard
2003–2006
Balance Sheet Management
ICICI Bank
1999–2003
Funds & Risk Management
Mutual Fund Industry
Arpit Sarawagi
Arpit Sarawagi
The Specialist · Valuation Lens
🎓B.Com (Hons.)
📜Chartered Accountant (CA)
⌛20+ Years Experience

Arpit Sarawagi

Former Head – Market Risk, TMO & Model Validation, IndusInd Bank

Seasoned Risk Professional with diversified experience across leading Indian and Global banks. Former Head – Market Risk with experience leading Market Risk, Counterparty Credit Risk, Treasury Middle Office, Model Validation and Regulatory Risk functions at senior leadership levels — directly engaging with CROs, Managing Directors, Board Risk Committees, RBI and IFSCA.

Proven track record of building risk functions from scratch across Indian and global institutions
Expert in designing Market Risk & CCR frameworks, Treasury Valuation setup, Hedge Accounting, Risk Limits & Appetite frameworks
Treasury system selection & setup (Calypso, Murex, SAS, FM Converge); aligning risk frameworks with RBI supervisory expectations
Model Validation & Valuation Controls — deep expertise across structured derivatives and complex instruments
Career Journey
2019–2025
Head – Market Risk, TMO & Model Validation
IndusInd Bank
2015–2019
Head Trading Risk & TMO Setup
IDFC FIRST Bank
2014–2015
Treasury Finance & FPNA
DBS
2010–2014
Head Treasury Middle Office
UBS (Union Bank of Switzerland)
2008–2010
Treasury Finance (Bank & NBFC)
Barclays Capital
2005–2008
Treasury Middle Office
ICICI Bank
Sushant Saurav
Sushant Saurav
The Architect · Analytical Lens
🎓MBA & M.Sc. (Statistics)
📜PRM (PRMIA) — Regional Director
⌛26+ Years Experience

Sushant Saurav

Former Head – Market Risk, Liquidity Risk & Treasury Operations, IndusInd Bank

Seasoned risk leader with experience at the forefront of banking, treasury, and enterprise risk management. Played a pivotal role in designing and strengthening institution-wide risk frameworks, advising senior management and Board committees on complex balance-sheet and market risk decisions. Known for combining deep quantitative expertise with practical execution insight.

Proven capabilities across market risk, liquidity risk, ALM and derivatives — with deep quantitative modelling depth
Experience aligning risk practices with evolving regulatory expectations — building resilient, future-ready risk environments
As Regional Director, PRMIA — a rare blend of institutional credibility, regulatory insight, and strategic risk leadership
Career Journey
2007–2025
Head – Market Risk, Liquidity Risk & Treasury Operations
IndusInd Bank Limited
2000–2007
Retail, Corporate, Agriculture Banking, Treasury & Risk Management
State Bank of India
1999–2000
Statistical Analysis & Pollution Monitoring
Ganga Pollution Monitoring Project
Offerings

Our Service Portfolio

Comprehensive risk advisory spanning every domain — from governance to technology, analytics to training.

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Market Risk Advisory

  • VaR, Expected Shortfall & Back-testing
  • Governance & Risk Policy Frameworks
  • Regulatory reviews & Mock AFI health checks
  • System selection & UAT oversight
  • Capital charge computation & stress testing
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ALM & Liquidity Risk

  • LCR / NSFR optimization
  • Dynamic IRRBB: NII & EVE sensitivity
  • Behavioral modelling for non-maturity products
  • FTP Framework design
  • Intraday liquidity monitoring
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Credit Risk Analytics

  • Credit Rating & Scoring models
  • Integrated Early Warning Signal (EWS) framework
  • ECL computations under Ind-AS
  • RAROC / Risk-adjusted profitability
  • Delinquency & predictive default modeling
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Operational Risk

  • ORM, BCP & Outsourcing governance
  • RCSA workshops & process mapping
  • KRI Framework (RAG thresholds)
  • Capital charge (BIA / TSA)
  • Pre-RBI inspection readiness
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System Advisory

  • Calypso, Murex, SAS, FM Converge implementation
  • Market data integration (Bloomberg, Reuters)
  • Risk data warehouse design
  • Behavioral model development
  • Vendor negotiation & selection
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Training & Knowledge

  • Board & senior leadership workshops
  • Bond mathematics & derivatives
  • Hedge effectiveness & accounting
  • ECL, CVA & liquidity risk basics
  • Customized programs per institution
Clients

Who We Serve

Tailored solutions for every type of financial institution and corporate treasury.

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Banks & SFBs

  • SA-CCR / ICAAP / ILAAP / IRRBB
  • Basel III Compliance
  • Treasury & Risk System implementation
  • ECL for Ind-AS
  • AD-1 Setup & Regulatory Health Checks
  • Enterprise Risk Frameworks & Policies
  • VaR, Stress Testing & Capital models
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NBFCs & HFCs

  • Funding strategy optimization
  • Liquidity Standards (LCR/NSFR)
  • ECL for Ind-AS
  • Risk indicators covering all material risks
  • Scale-Based Regulations
  • Operational risk governance
  • Credit scoring & underwriting models
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Corporates & SMEs

  • Virtual Treasurer & Risk Office
  • FX hedging policy & strategies
  • Fair Value Checks on derivatives
  • Treasury Policy design & review
  • Hedge accounting & documentation
  • Interest rate risk management
  • Bank rate negotiation support
Outcomes

The Value We Deliver

Measurable, lasting impact across compliance, efficiency, and strategic decision-making.

Regulatory Compliance

Clean supervisory reviews. Board confidence. No major audit findings.

Operational Efficiency

Automation and reduced manual interventions. Sharp reduction in reporting timelines.

Risk Reduction

Better limit enforcement, reduced unauthorized trades, lower operational losses.

Capital Optimization

Smarter balance sheet strategy. Improved NIM and ROA through risk-adjusted thinking.

Capability Building

Team skill elevation. Risk culture transformation. Sustainable long-term improvement.

Strategic Clarity

Board confidence in risk appetite and strategic execution. Decisive, defensible decisions.

Approach

Our Engagement Model

A structured, phased approach from initial diagnostic to long-term partnership.

Get in Touch

Partners in Your Growth

"We don't just advise; we partner. Your success is our success."

We bring 70+ years of collective expertise to your boardroom. Let's discuss how we can secure and accelerate your growth.

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contact@riskmantraadvisors.com
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1104, G Wing, Kanakia Paris, F Block, BKC, Bandra East, Mumbai – 400051
Schedule a Consultation